Hyperdynamics urges shareholders to approve reverse stock split

Hyperdynamics Corporation, soon to spud its 650 mboe Fatala prospect in Guinea, has reminded owners of its of its common stock to submit their vote on a company proposal that would authorize its board of directors at its discretion to implement a reverse stock split.

The company is working to get the approval in order to raise its share price above $4.00, which is a minimum required standard to list a company on a national securities exchange.

“Our Common Stock is currently traded on the OTC Markets OTCQX marketplace, which is a relatively thinly traded market and lacks the liquidity than may be provided by a stock exchange such as The Nasdaq Capital Market,“ Hyperdynamics said on Tuesday.

The company is working to get listed, and raise cash for drilling operations offshore Guinea, by attracting a broader range of investors.

In a recent presentation, the company CEO Ray Leonard said the share split was only an option “which we do not intend to use unless it’s necessary for our share price to reach the required level for an uplift,” meaning the split won’t be needed if the share prices reaches $4.00 by other means.

Hyperdynamics is set to spud the 650 mboe Fatala-1 well using the Pacific Scirocco drillship come August.

Subject to positive drilling results, the company plans to drill another exploration well the Bamboo, of recoverable resource estimate at 560 million barrels of oil on the primary sand.

Offshore Energy Today Staff

Share this article

Follow Offshore Energy Today

Events>

<< Aug 2019 >>
MTWTFSS
29 30 31 1 2 3 4
5 6 7 8 9 10 11
12 13 14 15 16 17 18
19 20 21 22 23 24 25
26 27 28 29 30 31 1

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply